The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global viral inactivation market is anticipated to reach USD 5.1 billion by 2025, growing at a CAGR of 12.5%, according to a new report by Grand View Research, Inc. Rise in the number of pharmaceutical and biopharmaceutical companies, increase in FDA drug approvals, growth of the life sciences industry, increase in government funding for novel therapies, and drug development are some of the major factors contributing to the growth.
Immense growth has been witnessed in the pharmaceutical and biopharmaceutical industry with a steady rise in the number of companies, drug launches, and new drug discoveries. With an increase in the number of diseases worldwide, the need for new & improved drugs and therapies has been witnessed on a global front. Increase in investment by top players in research and development coupled with the need to find new therapies for the treatment of diseases has contributed to immense growth of pharmaceutical and biopharmaceutical companies, thereby accelerating growth.
Newer drugs are being developed by companies to offer incremental health benefits. Changing lifestyle of people across the globe and adoption of sedentary living habits are primary reasons responsible for the increase in the number of chronic diseases that require drugs and therapies for treatment. According to the FDA, in the year 2014, 41 novel drugs were approved and 45 in the consequent year. This has also been contributing to growth.
Immense funding has been witnessed in the pharmaceutical and biotechnology industries in the recent years. It has been observed that private players are the major contributors for the development of new drugs and therapies, however, there has been increasing government spending on the research and development of new therapies. Increase in funding has also resulted in growth in number of FDA approvals over the recent years. All these factors have been contributing to the immense growth of the market.
Further Key findings from the study suggest:
- Kits and reagents held the largest share owing to increasing usage of consumables
- Vaccines and therapeutics held the largest share, on the basis of application, and is expected to be the fastest growing segment due to the increased demand for biologics
- The services segment is anticipated to grow at the fastest rate due to increase in the number of pharmaceutical CROs globally
- North America accounted for the largest share owing to presence of dominant players and availability of sophisticated infrastructure along with healthcare reforms to curb the incidence of chronic diseases
- The Asia Pacific region is expected to flourish during the forecast period owing to healthcare reforms and untapped market opportunities in the pharmaceutical industry